Seagate reported strong revenue and profitability growth, driven by mass capacity demand and strategic cost efficiencies. Despite challenges in China and increased operating expenses, the company remains optimistic about future opportunities, reflected in its positive guidance and dividend increase.

Company Guidance

During the Seagate Technology fiscal Q1 2025 earnings call, the company reported a nearly 50% increase in revenue to $2.17 billion and a non-GAAP EPS of $1.58, both surpassing the midpoint of their guidance range. The non-GAAP gross margin reached 33.3%, marking a 240 basis point sequential increase and the highest level in over a decade. Seagate highlighted ongoing demand strength in cloud, enterprise, and OEM markets, contributing to a non-GAAP operating income of $442 million and a non-GAAP operating margin of 20.4%. Mass capacity revenue grew for the fifth consecutive quarter, driven by a 23% sequential increase in exabyte shipments to 138 exabytes. The company anticipates further margin expansion and significant revenue growth for fiscal 2025, with a projection of December quarter revenue in the range of $2.3 billion, reflecting a 48% year-over-year increase. Additionally, Seagate announced a quarterly dividend increase of nearly 3%, reflecting confidence in its future opportunities and ongoing profitability expansion.

Significant Revenue Growth

Revenue for the fiscal first quarter was $2.17 billion, up nearly 49% year-over-year and 15% sequentially.

Increased Profitability

Non-GAAP gross profit increased over 150% year-over-year, with non-GAAP EPS at $1.58. Non-GAAP gross margin expanded by 240 basis points sequentially to 33.3%.

Strong Mass Capacity Growth

Mass capacity revenue grew for the fifth consecutive quarter, reaching $1.7 billion, up 21% sequentially. Mass capacity shipments now represent a record 93% of total HDD exabytes.

Dividend Increase

Seagate increased its quarterly dividend by nearly 3%, reflecting long-term confidence in the business.

Positive Outlook

Guidance for December quarter revenue is $2.3 billion, with expected non-GAAP EPS of $1.85, reflecting ongoing profitability expansion.

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Seagate Tech (STX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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STX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 21, 2021	2021 (Q4)	1.87 / 2.00	1.2	66.67% (+0.80)	―	―
Oct 22, 2021	2022 (Q1)	2.21 / 2.35	0.93	152.69% (+1.42)	―	―
Jan 26, 2022	2022 (Q2)	2.36 / 2.41	1.29	86.82% (+1.12)	―	―
Apr 27, 2022	2022 (Q3)	1.87 / 1.81	1.48	22.30% (+0.33)	―	―
Jul 21, 2022	2022 (Q4)	1.89 / 1.59	2	-20.50% (-0.41)	―	―
Oct 26, 2022	2023 (Q1)	0.71 / 0.48	2.35	-79.57% (-1.87)
Jan 25, 2023	2023 (Q2)	0.09 / 0.16	2.41	-93.36% (-2.25)
Apr 20, 2023	2023 (Q3)	0.25 / -0.28	1.81	-115.47% (-2.09)
Jul 26, 2023	2023 (Q4)	-0.27 / -0.18	1.59	-111.32% (-1.77)
Oct 26, 2023	2024 (Q1)	-0.24 / -0.22	0.48	-145.83% (-0.70)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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STX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 22, 2024	$111.81	$102.76	-8.09%
Jul 23, 2024	$103.82	$108.00	+4.03%
Apr 23, 2024	$84.75	$85.32	+0.67%
Jan 24, 2024	$86.63	$88.40	+2.04%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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